FTX

Extracted Attributes

• Type

  Cryptocurrency exchange, crypto hedge fund

• Founded

  2019

• Peak Users

  Over 1 million (by July 2021)

• Current CEO

  John J. Ray III

• Former Name

  FTX Trading Ltd.

• Headquarters

  Bahamas

• Current Status

  Bankrupt, in Chapter 11 bankruptcy proceedings

• Peak Valuation

  $32 billion (as of November 2022)

• Incorporated In

  Antigua and Barbuda

• Owed to Customers

  Around $11 billion

• Products/Services

  Spot markets, derivatives, options, volatility, leveraged products, NFT collectibles

• Peak Trading Volume

  US$10 billion (as of November 2022)

• Associated US Entity

  FTX.US

• Available for Repayment

  As much as $16.3 billion

• Missing Customer Deposits

  Up to $9 billion

Timeline

• FTX is founded by Sam Bankman-Fried and Gary Wang. (Source: Summary, Wikipedia)

  2019-XX-XX

• FTX reaches over one million users. (Source: Summary, Wikipedia)

  2021-07-XX

• FTX US acquires cryptocurrency derivatives exchange platform LedgerX, rebranding it as FTX US Derivatives. (Source: Investopedia)

  2021-10-XX

• FTX is valued at $32 billion. (Source: MIT Sloan)

  2022-01-XX

• CoinDesk raises concerns about Alameda Research's holdings in FTX's native token (FTT). (Source: Wikipedia)

  2022-11-XX

• Binance CEO Changpeng Zhao announces the sale of Binance's FTT holdings, triggering a spike in customer withdrawals from FTX. (Source: Wikipedia)

  2022-11-XX

• Binance signs a letter of intent to acquire FTX but withdraws the offer the next day due to concerns about mishandled funds and U.S. agency investigations. (Source: Summary, Wikipedia)

  2022-11-XX

• FTX files for Chapter 11 bankruptcy in the US court system. (Source: Summary, Wikipedia)

  2022-11-11

• Sam Bankman-Fried resigns as CEO; John J. Ray III is appointed CEO. (Source: Summary, ABC News)

  2022-11-XX

• Sam Bankman-Fried is arrested by Bahamian authorities for financial offenses at the request of the U.S. government. (Source: Summary, Wikipedia)

  2022-12-12

• Sam Bankman-Fried is convicted of seven counts of fraud, conspiracy, and money laundering. (Source: ABC News)

  2023-XX-XX

• A creditor repayment plan is published, indirectly suggesting FTX may not recover from bankruptcy. (Source: Investopedia)

  2024-05-XX

• FTX announces it has as much as $16.3 billion to cover its debts of around $11 billion to customers. (Source: BBC News)

  2024-XX-XX

• The collapse of FTX influences discussions around comprehensive cryptocurrency regulation, including market structure and stablecoins. (Source: Summary, Related Documents)

  Ongoing

FTX

FTX Trading Ltd., trading as FTX (Futures Exchange), is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and collapsed in 2022 after massive fraud perpetrated by Bankman-Fried and his partner Caroline Ellison forced the company to file for Chapter 11 bankruptcy. At its peak in July 2021, the company had over one million users and was the third-largest cryptocurrency exchange by volume. As of November 2022, FTX was the third-largest digital currency exchange boasting an active trading volume of US$10 billion and a valuation of $32 billion. FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas. FTX is closely associated with FTX.US, a separate exchange available to US residents. Since November 11, 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system. Public concern began with rumors of unethical and fraudulent inter-company transfers of client funds. In November 2022 CoinDesk also raised concerns stating that FTX's partner firm Alameda Research held a significant portion of its assets in FTX's native token (FTT). Following this revelation, rival exchange Binance's CEO Changpeng Zhao announced that Binance would sell its holdings of the token, which was quickly followed by a spike in customer withdrawals from FTX. FTX was unable to meet the demand for customer withdrawals. Binance signed a letter of intent to acquire the firm, with due diligence to follow, to ensure that customers could recover their assets from FTX in a timely manner, but Binance withdrew its offer the next day, citing reports of mishandled customer funds and U.S. agency investigations. On December 12, 2022, founder Sam Bankman-Fried was arrested by the Bahamian authorities for financial offences, at the request of the US government. The current CEO of FTX is John J. Ray III, who specializes in recovering funds from failed corporations.

Web Search Results

• What Was FTX? An Overview of the Exchange

  Investopedia / Michela Buttignol FTX Exchange was a leading centralized cryptocurrency exchange specializing in spot markets, derivatives, options, volatility, and leveraged products. It was founded in 2018 by Sam Bankman-Fried, a Massachusetts Institute of Technology (MIT) graduate and former Jane Street Capital international exchange-traded funds (ETFs) trader. [...] U.S.-based crypto traders could only access partner entity FTX US—which was a money services business (MSB) registered with FinCEN. In October 2021, FTX US completed its acquisition of cryptocurrency derivatives exchange platform LedgerX, rebranding it as FTX US Derivatives. FTX US Derivatives was licensed as a Derivatives Clearing Organization, Swap Execution Facility, and Designated Contract Market by the U.S. Commodity Futures Trading Commission (CFTC). [...] It's likely that FTX will not recover from its bankruptcy; the creditor repayment plan published in May 2024 indirectly suggests that there may not be anything left to start a recovery with. ## The Bottom Line FTX was a global cryptocurrency exchange that facilitated spot, derivatives, and leveraged trading for commonly traded cryptocurrencies and NFT collectibles until it went bankrupt and its executives were convicted. CoinMarketCap. "FTX Token."

• Sam Bankman-Fried's FTX | Case Study - MIT Sloan

  In a span of 11 months, FTX. a crypto exchange co-founded by Sam Bankman-Fried (SBF), went from being valued at $32 billion in January 2022 to filing for bankruptcy, wiping out billions in investor money by November. Those called in to clean up the mess soon discovered that up to $9 billion in customer deposits were missing. SBF and a couple of his associates, one of whom was the CEO of Alameda, a trading firm SBF co-founded and FTX’s largest customer, were criminally charged with multiple [...] A full-time MBA program for mid-career leaders eager to dedicate one year of discovery for a lifetime of impact. A joint program for mid-career professionals that integrates engineering and systems thinking. Earn your master’s degree in engineering and management. Non-degree programs for senior executives and high-potential managers. A non-degree, customizable program for mid-career professionals. Teaching Resources Library Accounting Cryptocurrency Ethics Fintech Ethics Fintech

• Samuel Bankman-Fried Sentenced to 25 Years for His Orchestration ...

  Samuel Bankman-Fried was the founder and chief executive officer of FTX, an international cryptocurrency exchange. From 2019 to 2022, Bankman-Fried was the leader and mastermind of a scheme to defraud customers of FTX by misappropriating billions of dollars of those customers’ funds. Bankman-Fried took FTX customer funds for his personal use, to make investments and millions of dollars of political contributions to candidates from both parties, and to repay billions of dollars in loans owed by [...] Samuel Bankman-Fried, also known as SBF, 32, of Stanford, California, was sentenced today to 25 years in prison, three years of supervised release, and ordered to pay $11 billion in forfeiture for his orchestration of multiple fraudulent schemes. Bankman-Fried, who was the founder of the cryptocurrency exchange FTX and the cryptocurrency trading firm Alameda Research, misappropriated billions of dollars of customer funds deposited with FTX, defrauded investors in FTX of more than $1.7 billion,

• Former crypto mogul Sam Bankman-Fried transferred out of New ...

  In November 2022, Bankman-Fried's global cryptocurrency exchange called FTX, which he co-founded and served as CEO, imploded, resulting in a $8 billion loss for its customers. Bankman-Fried resigned amid the company's fall and the new ownership filed for bankruptcy. Prosecutors said he stole from FTX customers and used the money for political contributions, investments and personal gain. In 2023, Bankman-Fried was convicted of seven counts of fraud, conspiracy and money laundering.

• FTX says it has billions more than owed to victims

  # FTX says it has billions more than owed to victims Getty Images Former FTX chief Sam Bankman-Fried leaving court after a hearing. Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers. The firm says that once it has sold off its remaining assets it will have as much as $16.3bn (£13bn) to cover the debts, which stand at around $11bn. [...] FTX was one of the world's largest crypto platforms before its downfall. Bankman-Fried enjoyed celebrity status and his platform attracted millions of customers. After reports that it was in trouble, customers withdrew billions of dollars from FTX, triggering the company's implosion and laying bare the extent of Bankman-Fried's crimes. ## Follow BBC on: [...] Alameda was a crypto trading firm controlled by Bankman-Fried. FTX added that a jump in crypto prices since the company failed had not given its finances a major boost. It said almost all of the Bitcoin and other digital currencies believed to have been held by the exchange at the time of its collapse were missing. The price of the biggest cryptocurrency, Bitcoin, has risen by around 270% since the firm filed for bankruptcy more than a year and a half ago.

• Instance Of

  Q7187